Petrol vs Electric Cost Spreadsheet

[saladdays]

If you're wondering about the cost savings of going electric then make a spreadsheet like this:

The grey cells can be changed to simulate changing petrol prices, mpg and other things.

Cells:

B3 =B5/(1/B14)
B5 =(B2*4.54609)/B4
B9 =(B5*B6)/100+B7+B8
B13 =B12/B3 format as %
B15 =B12/B14
B17 =B6/B14
B19 =(B15*B6)/100+B18
B21 =B9-B19

I hope this helps.

Edited by saladdays on Thursday 12th March 22:29

[Pistonheadsdicoverer]

Servicing tends to be cheaper on EV as well. At least where I am.
You could create a Google Sheets and make it read only so that others can just clone.
PS: Well done on the attempt.

[Pica-Pica]

Where is depreciation?
Where is loss of return on alternative investment (opportunity cost)?

[Russet Grange]

If only it were that simple.

As mentioned above, depreciation is almost always the main cost in car ownership.

Brand new Model 3 from Tesla- £38k
Two year old Model 3 from Tesla - £25k

[SWoll]

Depreciation is a lot more difficult to compare as obviously dependent on what car you buy, at what point in the depreciation curve and crystal ball gazing.

As an example our current car dropped in value by £55k in the 3.5 years from new before we bought it a year ago for £22.5k. Based on current valuations on similar cars it's then lost around £3k over the last 12 months and 12.5k miles.

[saladdays]

Pica-Pica said:

Where is depreciation?
Where is loss of return on alternative investment (opportunity cost)?

I reckon that two cars (Skoda Karoq and Toyota BZ4x) will depricate the same. Both cars bought used.
Alternative investment? I plan to PX my car and stump up £13k. The £13k is currently earning 3.5%, £455 a year. Whereas with the Toyota, the return on investment (savings) will be £650.

[saladdays]

Russet Grange said:

If only it were that simple.

As mentioned above, depreciation is almost always the main cost in car ownership.

Brand new Model 3 from Tesla- £38k
Two year old Model 3 from Tesla - £25k

I'll probably buy a two year old Toyota BZ4X. Was £45k, now £23k.

[mikey_b]

Pica-Pica said:

Where is depreciation?
Where is loss of return on alternative investment (opportunity cost)?

The spreadsheet is fairly obviously intended to be a rough guide on possible savings, mostly on fuel, for people who are thinking of changing their car. Not a ‘where is the best place for me to put £30k’.

[Ankh87]

This is fine if you are comparing new vs new.
You need to think about used vs used as well. EVs tend to be on average newer cars than the ICE equivalent at the same price. Then you need to factor in the depreciation as well. As EVs are more like your laptop/phone, where the drops are worse than the ICE.

Everyone should really work out their own cost saving as there's a load of factors to think about. Do you own your car or is it on finance? Does it need timing belt? The list goes on and on.

[borcy]

I think it's a pretty good guide to most basic costs, it's never going to cover every if but and maybe. Looks useful for those looking at switching.